https://www.taxtmi.com/caselaws?id=433566 The tribunal upheld the issuance of notices under section 143(2) of the Income Tax Act, rejecting the challenge raised by the appellant. However, it directed a reevaluation of the addition of long term capital gains as accommodation entries, emphasizing the need for the assessee to clarify the legitimacy of transactions. The tribunal also acknowledged the denial of cross-examination rights to the assessee, prompting a remand for a proper hearing. The jurisdictional challenge to the Assessing Officer was recognized, leading to a referral back to the AO for a fresh assessment to ensure a fair opportunity for the assessee to present their case. en-us Mon, 23 Jan 2023 00:00:00 +0530 Fri, 03 Feb 2023 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433566 The tribunal upheld the issuance of notices under section 143(2) of the Income Tax Act, rejecting the challenge raised by the appellant. However, it directed a reevaluation of the addition of long term capital gains as accommodation entries, emphasizing the need for the assessee to clarify the legitimacy of transactions. The tribunal also acknowledged the denial of cross-examination rights to the assessee, prompting a remand for a proper hearing. The jurisdictional challenge to the Assessing Officer was recognized, leading to a referral back to the AO for a fresh assessment to ensure a fair opportunity for the assessee to present their case. Case-Laws Income Tax Mon, 23 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433566